1314 Highland Ave - 1314 Highland Tri-Plex 3 Unit Apartment Building Offered at $520,000 at a 8.19% Cap Rate Louisville, KY 40204

OPEN HOUSE - SUNDAY JUNE 14 - 2-4PM
1314 Highland Avenue is a three-unit residential income property in Louisville's Original Highlands, one of the city's most walkable rental submarkets and a few blocks from the Bardstown Road and Baxter Avenue dining and retail corridor. The wood-frame building totals approximately 3,601 square feet across 2.5 stories, built around 1900, with one full-floor apartment per level, three full bathrooms, three off-street parking spaces, and street parking on a 0.20-acre lot.
Apt 1 - 2BR/1BA | washer/dryer hookup
Apt 2 - 2BR/1BA | washer/dryer hookup
Apt 3 - 1BR/1BA
Two of the three units are leased today at rents at or above the submarket range, producing $42,600 in current annual income. The first-floor unit rents for $1,940 per month and the second-floor unit for $1,610 per month. The third-floor unit is owner-occupied and currently produces no income, which is the property's primary upside: leasing it at an estimated market rent of $1,100 per month would raise gross annual income to $55,800.
At the $520,000 offering price, the property reflects a 5.13% going-in cap rate on in-place net operating income and a 7.67% cap rate on a fully-leased pro forma, or $173,333 per unit and $144.40 per square foot, below the per-square-foot price of every comparable triplex sold in the corridor over the trailing twelve months. Each apartment retains period features that draw tenants to early-Highlands buildings: high ceilings, original millwork, decorative mantels, hardwood floors, and bay windows.
The building operates as a legal nonconforming triplex under R5B zoning, a common status for early-1900s buildings in this neighborhood; buyers should confirm zoning and rebuild rights with Louisville Metro Planning and Design Services. Offered fee simple by general warranty deed. A confidential offering memorandum with the full rent roll, financials, and sales comparables is available to qualified buyers.